Finding a residence remains a challenge for seniors. It is only natural that they look to secure financial assistance for it. The irony is that those seeking financial aid may have limited options available. This is because they receive a fixed monthly income. Seniors receive a fixed amount each month, including social security income, pension, and income through savings. Although this may seem a lot of money to some, in reality, all these will barely be enough to meet one person’s monthly expenditures. Also, many seniors rely upon one income from one or two sources only, which leaves them with limited options. Think about it, how will they manage finances in case their home needs expensive repairs?
These seniors can utilize home improvement grants that are available for such purposes. People coming from different demographics and belonging to different age groups, including senior citizens, can use these grants. In case you are wondering about the type of home improvement grants available, know that these fall into different categories. It would help to learn about the process for securing these grants. Continue reading about types of home improvement grants and ways to secure funding for improving your home right away.
Loans and grants are different
It is worth noting that there are marked differences between grants and loans. Although both can be used for the same purpose, knowing both in detail helps those who want to secure either. Both these will make enough money available for you to spend on your home improvements. The real difference is in the process using which these are provided to those who apply. Candidates must be eligible to get grants and loans; otherwise, their request may not be approved in case of eligibility.
A closer look at loans
So, what is a loan, and how can a person want to have it secure? In essence, a loan is a type of monetary borrowing from a public or private financial institution or lender. The person who books the money is required to repay it over a decided period. Loans can be paid in the short term, midterm and long term. Clients have the freedom to secure the type of loan that suits their needs best.
Repayment methods may vary, and the client can opt for a certain repayment method, provided both parties agreed upon the terms. The most common practice of paying these loans is in the form of installments. These installments can be monthly, bi-monthly, or quarterly, depending upon the preference of both parties. However, monthly installments are most common. A form of Annual Percentage Rate is added to the overall amount that the client owes to the money lender. The amount of interest is reduced after every consecutive payment on the borrowed money. This continues until the client clears the while amount is repaid.
Know more about grants
As discussed, a grant is a little different from a loan. The money provided as a grant doesn’t need to be paid back. Perhaps the most notable difference between both is that one needs to be paid back while the other is not. Candidates have to satisfy requirements to acquire both. Note that grants only go to those who qualify and are chosen to be appropriate candidates to receive the grant. Another notable difference between grants and loans is that a loan requires you to have a positive credit score. In order to qualify for a grant, you first need to need to justify that you seek the money for a legitimate cause. You might need the money for a specific purpose. Some private, religious and non-profit entities also provide grants to those looking.
Categories of home improvement grants for seniors
Seniors can secure grants undertaking projects such as home improvement. This money can only be used for home improvement purposes. Transparency is ensured at every step as these grants come from the private and government sectors. Some grants are readily available for those looking to make home improvements. Some grants are specific as they are only available for seniors, while some are more flexible that candidates other than seniors can also apply for the grant.
Rural Repair And Rehabilitation
Grants that fall under Rural Repair and Rehabilitation grant go to homeowners that are 60 or above. This type of grant is provided under the category of Rural Repair and Rehabilitation. The grant is essentially an alternate source of funding for senior citizen serves as well as for other applicants. Eligible candidates get approval for Rural Repair and Rehabilitation Loans. The U.S. Department of Agriculture must sponsor these programs. Candidates who apply for this grant get a sum of $7,500 for carrying out the home improvement program. The total amount that a user can apply for under this category is $20,000. Applicants that qualify for this program become eligible for the grant money. Maximum amount of grant money allowed under this category is $27,500. This amount is meant to be spent on home improvement programs.
Home improvement grants for repairs by the Department of Aging
It must be noted that this entity is neither a government agency nor recognized for providing home repair grants to seniors. Some states in the US have departments that deal with grants issued under this category. These departments are known to be better sources of securing home improvement-related funding. Seniors that qualify for the assistance get it without suffering any delays. Every grant office of the respected state facilitates a grant funding program under its vigilance. The department of aging in the state of Maryland supports Community for Life program. The program provides funding to seniors aging 60 or more. Same goes for the department of aging California facilitates a multipurpose senior service program. This institution offers grants for minor home improvements and repairs.
Do seniors get medicare help with home improvement money?
It is known to be the primary health care program in the US that the government sponsors for seniors. In case you are wondering if the agency provides funding for home improvement to seniors, it doesn’t offer direct funding, but it does help them manage home expenses through other means. The reason why it doesn’t provide direct funding is because of the rigid policies the institution follows. This negates the approval of any items of convenience. The funding meant for medicare will not be approved unless your doctor advises so. Despite that, the decision of whether or not to allow medicare funding to be used under home improvement varies in each case. The possibility is grim, but the doctors have the final say in the matter.
Workable tips for seniors to secure funding and grants for home improvement
A person can receive several grants under different conditions. It is worth noting that qualifying for one grant doesn’t automatically qualify you for another. It is advised that you apply for as many grants as you possibly can. People are always looking to use grant money for obvious reasons, so make sure to come up with an application that is well written and firmly present your case. Usually, grants are awarded to those who need them most. This means that people experiencing more hardships in life are likely to get preference for grant money than those with moderate or less urgent issues. All in all, it is understood that there is little money and many applicants. Applicants, especially seniors living in better conditions, are less likely to get approval for the grant money. On the other hand, seniors living with more poverty are likely to priorities grant money compared to those living in relatively better conditions.
In other words, no matter your financial hardships, factors such as demographics and region are also accounted for. Several factors come into play before deciding the status of qualification and who will priorities the grant over others—all the more reason for you to apply for as many grants as you possibly can.